Challenging economic times underscore TEI's importance.

• Author: Alicandri, Vincent
• Position: Tax Executives Institute - President's page

The last few months have brought momentous changes to the financial and political climate in which tax executives work. Whereas the federal election in Canada returned the same government to power, in the United States the election of Barack Obama as President (and the increase in the Democrats' margin of control in Congress) signals a dramatic shift in the decision-makers (if not the governing philosophy) with whom TEI and its members will deal in the coming months and years. Add to the mix the unsettling tremors--some would say body blows--that have shaken the financial and credit markets and, hence, consumer confidence, and you have a recipe for anxiety. If one thing is certain as 2009 approaches, it is that the anxiety will not soon dissipate.

The economic climate poses challenges to companies and their employees, who have found their plans and priorities upended by events beyond their control. Entire industries find themselves at risk, and in countless companies, travel and training budgets have been frozen or reduced, and in others jobs have been eliminated (or open positions declared closed) while many employees--upon opening the statements from their brokers or pension plan administrators--have been forced to rethink their retirement plans. Even the most optimistic among us start to wonder and worry about "what's next."

In the current environment, it would be imprudent for government officials and business leaders to cleave to a "business as usual" strategy. And what is true for them is true for professional associations such as TEI. Current conditions do challenge us, not because the Institute's long-term viability is in doubt--our Annual Report (which is reprinted in this issue) confirms that it clearly is not--but because we are well positioned to assist our members in coping with whatever "comes next." The importance of TEI's networking, education, and advocacy activities--the importance of unstinting member service--is even greater in troubled times than it is when things are going well.

TEI's Response

This is not to say that TEI won't make adjustments in its operations. We will. For example, we cannot ignore the reality that attendance at our conferences and seminars may decline in the short-term as companies strive to reduce their expenses. Our response, however, will not be to simply adjust our budgets and then continue as if nothing has changed. Rather, we are working with our chapters to enhance their already formidable...